GMR Infrastructure is planning to sell its stake in GMR Hotels and Resorts (GHRL), the arm that owns and manages the Novotel Hyderabad Airport Hotel, under a Swiss challenge method.
GMR Hyderabad International Airport (GHIAL), a step down subsidiary of GMR Infrastructure (GIL), had initiated the process of divesting its equity stake in GMR Hotels and Resorts in 2013-2014 itself. However, as no binding agreement could be reached with any of the bidders, GHIAL could not conclude the divestment process, GMR informed the exchanges.
In the meantime, GMR Airports (GAL) had offered to acquire the GHIAL’s stake in GHRL. The board of GHIAL could not decide on the offer and suggested bidding process under Swiss challenge method, GMR said.